Business News
Bitstream Inc. Reports Second Quarter Results for 2009
Wednesday 12. August 2009 - The Company reported second quarter revenue of $5,249,000 and net income of $319,000 or $0.03 per diluted share.
Bitstream Inc. (Nasdaq: BITS) today reported that total revenue decreased by $1,269,000 or 19% to $5,249,000 for the three months ended June 30, 2009 as compared to total revenue of $6,518,000 for the three months ended June 30, 2008. Total revenue for the three months ended June 30, 2009 increased by $248,000 or 5.0% as compared to total revenue of $5,001,000 for the three months ended March 31, 2009. The Companys cash and cash equivalents at June 30, 2009 totaled $17,067,000, an increase of $10,000 from a balance of $17,057,000 at March 31, 2009.
“We are pleased to report that during the second quarter of 2009 we increased our gross profit by $255,000 and decreased our operating expenses by $269,000 as compared to the first quarter of 2009 resulting in income from operations increasing $524,000 for the three months ended June 30, 2009 to $358,000 as compared to a loss from operations of $(166,000) for the three months ended March 31, 2009,” said Anna M. Chagnon, President and Chief Executive Officer. “Although our revenue continues to be affected by global economic concerns and longer corporate sales cycles, we remain optimistic about our ability to drive future revenue growth given the growing demand for many of our products and the opportunities we see to generate additional revenue by licensing our new Bolt Browser.”
GAAP Results
Our income from operations decreased $434,000 or 55% to $358,000 for the three months ended June 30, 2009 as compared to $792,000 for the three months ended June 30, 2008. Net income decreased $494,000 or 61% to $319,000 or $0.03 per diluted share for the three months ended June 30, 2009 as compared to net income of $813,000 or $0.08 per diluted share for the three months ended June 30, 2008.
Non-GAAP Results
Our income from operations, not including the effect of stock-based compensation expense, decreased $416,000 or 42% to $564,000 for the three months ended June 30, 2009 as compared to $980,000 for the three months ended June 30, 2008. Net income, not including the effect of stock-based compensation expense, decreased $476,000 or 48% to $525,000 or $0.05 per diluted share for the three months ended June 30, 2009 as compared to net income of $1,001,000 or $0.10 per diluted share for the three months ended June 30, 2008.